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STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2014
Schedule of Assumptions used to Estimate Fair Value of Share Options

We estimated the fair value of each option on the grant date using a Black-Scholes option-pricing model with the following weighted average assumptions:

 

    Year ended 
December 31, 2014
    Year ended 
December 31, 2013
 
Dividend yield (1)     0.0 %     0.0 %
Expected volatility (2)     118.5% - 122.24 %     99.2% - 110.2 %
Risk-free interest rates (3)     1.19-1.72 %     1.02 %
Expected lives (2)     4-5 years       2-5 years  

 

  (1) We have not paid cash dividends on our common stock since 1981, and currently do not have plans to pay or declare cash dividends. Consequently, we used an expected dividend rate of zero for the valuations.

 

  (2) Estimated based on our historical experience. Volatility was based on historical experience over a period equivalent to the expected life in years.

 

  (3) Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the options granted.
Summary of Stock Option Activity under Stock Options

A summary of the status of all our common stock options as of December 31, 2014 and 2013, and changes during the periods then ended is presented below.

 

    Year ended December 31, 2014     Year ended December 31, 2013  
    Shares     Weighted 
Average 
Exercise 
Price
    Aggregate 
Intrinsic 
Values
    Shares     Weighted 
Average 
Exercise 
Price
    Aggregate 
Intrinsic 
Values
 
Outstanding at beginning of period     1,372,000     $ 0.50     $         317,000     $ 1.85          
Granted     362,500       0.39               2,055,000       0.29          
Forfeited     (30,500 )     2.03               (1,000,000 )     0.50          
Exercised     -                       -                  
Expired or terminated     (11,500 )     2.87               -                  
Outstanding at end of year     1,692,500     $ 0.44     $ 80,000       1,372,000     $ 0.50     $ 240,750  
                                                 
Vested at end of year     844,500     $ 0.70     $ 32,000       572,000     $ 1.10     $ 48,750  
                                                 
Nonvested at end of year     848,000     $ 0.18     $ 48,000       800,000     $ 0.08     $ 192,000  
                                                 
Weighted average fair value per share of options issued during the year           $ 0.26                     $ 0.21          
2011 Option Plan [Member]  
Schedule of Stock Option Plan

The following information relates to the 2011 Option Plan:

 

    December 31, 2014     December 31, 2013  
Common shares reserved for issuance on exercise of options     1,517,500       1,165,000  
Shares available for future option grants     482,500       335,000  
1997 Employee Stock Option Plan [Member]  
Schedule of Stock Option Plan

The following information relates to the 1997 Option Plan:

 

    December 31, 2014     December 31, 2013  
Common shares reserved for issuance on exercise of options     55,000       87,000  
Shares available for future option grants     -       -  
2000 Directors' Stock Option Plan [Member]  
Schedule of Stock Option Plan

The following information relates to the 2000 Directors' Stock Option Plan:

 

    December 31, 
2014
    December 31, 
2013
 
Common shares reserved for issuance on exercise of options     120,000       120,000  
Shares available for future option grants     -       -